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High Volume = Low Rates
Approval In 7 Days Credit Card Processing Debit Card Processing ACH Processing Risk Management
Domestic Accounts Feature:
Daily Payouts Rates Starting At 1.98%Deposits In 24-48 Hours
Offshore Accounts Feature:
Weekly Payouts Credit Is Not An Issue International Merchants O.K No Monthly Volume Cap
What are the rates?
Rates depend on the riskiness of your business. Lower risk businesses can be placed domestically in the US. Domestic rates start under 2%. Riskier businesses must go offshore. These types of businesses are looking at rates starting at 4.5% and up. Very risky business can expect to pay 9%.
How long does it take for approval?
Approval for companies processing with a domestic bank can take 3-5 days. Approval with offshore banks usually takes 5-7 days for third party accounts and 7-14 for direct merchant accounts.
Can I expect a reserve?
Offshore banks always require a reserve. Usually 10% rolling. Domestic accounts usually do not have a reserve however in certain instances there can be a rolling reserve of 5%-10%. A rolling reserve means that the percentage is held for 6 months and paid out on the 7th month. For example. If you charge $100k per month with a 10% rolling reserve starting in January, then the $10k held in reserve from January is paid out in August. February's $10k will be paid back to you in September.
Is there a credit check?
Domestic accounts do have a credit check. Offshore accounts do not have a credit check.
Are there monthly volume caps?
Domestic accounts will have a processing cap while offshore accounts will not. It is important though for applicants to write their estimated monthly volume on their application, even if they are going offshore. Offshore banks want to know if the merchant will be processing $10k per month or $1000k per month.
I already process credit cards, what can you offer me?
If you are operating a high risk business you should have multiple merchant accounts in order to mitigate the risk of one account being closed. After setting up your additional accounts it is important to load balance them. For example, if you process $200k per month it would make sense to open up 2 different accounts. You might have 2 domestic accounts with $75k per month limits and then use your offshore account to process the last $50k per month. Load balancing is a feature that will allow you to have your transactions automatically routed to the correct merchant account. In this example 37.5% of your transactions would be sent to each domestic account while the remaining 25% will be sent to your offshore account. Offshore Merchants will be able to setup your load balancing.
What if my website is not ready?
Domestic and offshore banks alike want to see a website that is fully functional except for the payment section. If you are already processing this will not be a problem. For new businesses the bank will accept a temporary website in order to underwrite and approve the account. It is suggested that you do not submit your application until your website has been completed.
How does your support work?
Offshore Merchants is available to offer support on your high risk merchant account during normal business hours. Processing with offshore banks works off the bank's hours which are usually opposite US business hours. Domestic processors work during normal business hours. Your issues will be addressed quickly.
Will I receive a statement for the transactions processed?
Domestic accounts will receive a monthly statement. If the merchant is processing through a virtual terminal they will have the ability to see in real time what has been processed. Offshore accounts usually will receive statements by excel for each wire transfer.
How will I receive payments?
Domestic accounts receive an ACH or direct deposit into their checking account daily. Offshore accounts receive wire transfers weekly. High volume offshore accounts may receive deposits multiple times per week.